Front Matter

Front Matter

Ana María Martirena-Mantel
Published Date:
January 1987
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    External Debt, Savings, and Growth in Latin America

    Edited by Ana María Martirena-Mantel

    Papers presented at a seminar sponsored by the International Monetary Fund and the Instituto Torcuato di Tella, held in Buenos Aires on October 13–16, 1986

    International Monetary Fund, Washington, D.C.

    Instituto Torcuato di Tella, Buenos Aires 1987

    © International Monetary Fund, 1987

    Reprinted July 1989

    Library of Congress Cataloging-in-Publication Data

    External debt, savings, and growth in Latin America.

    Includes bibliographies.

    1. Debts, External—Latin America—Congresses.

    2. Saving and investment—Latin America—Congresses.

    3. Latin America—Economic policy—Congresses.

    I. Martirena-Mantel, Ana María. II. International Monetary Fund. III Institute Torcuato Di Tella.

    HJ8514.5.E984 1987 336.3’435’098 87–21422

    ISBN 0–939934–95–7

    Price: $12.00



    Under its seminar program for nonofficials, the International Monetary Fund was privileged to have been joined by Instituto Torcuato di Tella of Argentina in sponsoring a seminar on “External Debt, Savings, and Growth in Latin America.” The seminar, which was conducted in Spanish, was held at the Hindu Club, located in Don Torcuato, near Buenos Aires, in October 1986, and was attended by economists representing a wide range of views from universities, banks, research centers, and other nonofficial institutions in Argentina, Brazil, Colombia, Ecuador, Mexico, the United States, and Venezuela. Participants, who attended in a personal capacity, also included members of the staffs of the Fund, the Economic Commission for Latin America and the Caribbean, and the World Bank.

    The relevance, indeed the urgency, of the topics discussed provided an opportunity to have a frank and constructive exchange of views and experiences which, I am convinced, has enriched the understanding of the issues and has contributed to focusing the search for appropriate solutions. This, of course, is a major objective of the seminar program, as well as the objectives of promoting a better understanding of the work of the Fund and of improving the Fund’s knowledge of thinking in academic, business, and other nongovernmental circles.

    This book represents the continuation of the Fund’s effort to publish a wide variety of views about its role and activities in the developing world. While all the views expressed are not necessarily shared by the Fund, it is our hope that their dissemination can contribute to a more informed discussion of the issues.

    Michel Camdessus

    Managing Director

    International Monetary Fund


    It is important to record the warm thanks of all the participants in this seminar to those who were responsible for its success.

    I should begin by referring to the devoted and tireless organizational work of Hernán Puentes, of the External Relations Department of the International Monetary Fund in Washington, D.C., and Alberto Petrecolla, Director of the Instituto Torcuato di Tella in Buenos Aires, both of whom spared no effort to arrange this seminar.

    My special thanks are due to Mónica Fiorini and Mercedes Vigliershio de Viña of the Instituto Torcuato di Tella, who with rare skill and efficiency overcame the many obstacles inherent in the operational details of holding such a seminar. I would also like to thank Jennie Lee Carter, Assistant Editor in the External Relations Department of the Fund, for expertly directing the volume from draft through publication, and the English Division of the Bureau of Language Services of the Fund, for translating papers from their original language.

    Finally, in my capacity as moderator and editor, a mark of confidence placed in me by both institutions, I received great help from Javier Ortiz and Pablo Gómez through their patient, professional transcription of the seventeen hours of sessions.

    Ana María Martirena-Mantel

    Senior Economist, Instituto Torcuato

    di Tella, and Professor of International Economics,

    University of Buenos Aires

    List of Participants


    Aldo A. Arnaudo

    Universidad de Córdoba

    Julio Berlinski

    Instituto Torcuato di Tella

    Roque Fernández

    Centro de Estudios Macroeconómicos de la Argentina

    Daniel Heymann

    Comisión Económica para América Latina y el Caribe


    Jose Luis Carvalho

    Fundaçao Getulio Vargas

    Winston Fritsch

    Pontificia Universidade Católica do Rio de Janeiro

    Antonio Kandir

    Universidad de Campinas

    Carlos A. Longo

    Fundaçao Instituto de Pesquizas Económicas


    Germán Botero A.


    Javier Fernández


    Luis Jorge Garay S.

    Ministerio de Hacienda

    Armando Montenegro

    Junta Monetaria


    Antonio Acosta

    Banco Pichincha

    Leonidas Ortega

    Banco Continental


    Carlos Bazdresch P.

    Trimestre Económico

    United States

    Rudiger Dornbusch

    Massachusetts Institute of Technology


    Ricardo Hausmann

    Instituto de Estudios de Administración

    Jorge Marcano

    Ministerio de Hacienda

    Pedro A. Palma


    Luis Supelano

    Instituto Venezolano de Planificación

    International Bank for Reconstruction and Development

    Vittorio Corbo

    International Monetary Fund

    Sterie T. Beza

    Anthony Lanyi

    Guillermo Ortiz

    Hernán Puentes

    Vito Tanzi

    Instituto Torcuato di Tella

    Ana María Martirena-Mantel

    Alberto Petrecolla


    Ricardo Arriazu


    Alfredo Canavese

    Instituto di Tella

    Roberto Cortés

    Instituto di Tella

    Juan C. de Pablo

    El Cronista Comercial

    Guido di Tella

    Instituto di Tella

    Pablo Gerchunoff

    Instituto di Tella

    Adrián Guisarri


    Rolf Mantel

    Centro de Estudios Macroecónomicos de la Argentina

    Armando Ribas


    Carlos Rodríguez

    Centro de Estudios Macroeconómicos de la Argentina

    Osvaldo Schenone

    Centro de Estudios Macroeconómicos de la Argentina

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